Nigeria without Crude OilNigerian Newspapers Blog
Blog | ( 5 ) | Subscribe | Post a comment Posted by Felix Okoli on June 30, 2012 at 14:57:46:
Imagine what Nigeria would be like if we wake up one morning and no longer had crude oil? Well I could just imagine. The economy would almost come to stand still. No more oil money, no more attraction to public office. No more sweet politics as trading in other commodities like food and provisions would be a more lucrative business then. If Nigeria really has no more crude oil, the economic balance would definitely shift and it seems people who have already invested more in sectors like agriculture would be on top then. It seems northern or middle beltern states in Nigeria would be more favoured then since they are mostly into agriculture. It would take some time for down southern Nigeria to recover from the initial shock although they may also use their education to go into advance farming procedures then. If Nigeria really stops having crude oil, our economy would really dry up first for almost a decade before we recover by diversifying in other areas. Oil money has simply made us lazy in other aspects and really can you blame the country which has such an abundant supply of crude oil? Most nations with crude oil tend to be weak in promoting other sectors of their economy and that's part of the effects of the so called oil curse.
I think the only group of people who can benefit from an end to Nigeria's crude oil reserves would be those who planned ahead of it. The world population is growing at an alarming rate and with global warming already taking place, the world's food supply is already at risk and the best sector to invest in really is agriculture.If Nigeria eventually finishes her crude oil reserve or the market becomes absent in the face of advancing technology, she would only be forced to diversify then, but it would cause many years of hardship before she reaches a balance.
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